China Merchants Bank Subsidiary Uses Blockchain for DeFi Applications

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Hong Kong-based China Merchants Bank International (CMBI) will develop and launch blockchain-based solutions for its financial services.

CMBI and Huobi partner with Nervos

In an Oct. 3 press release shared with Cointelegraph, CMBI, a wholly-owned subsidiary of China Merchants Bank, announced that it is partnering with Chinese blockchain startup Nervos to apply blockchain technology to its financial products and services.

CMBI plans to utilize Nervos, which was founded by a former researcher and developer of the Ethereum Foundation, to power its future decentralized finance (DeFi) applications. 

CMBI is purportedly examining how blockchain technology can be applied in trading, lending, IDs, payments and asset tokenization. Nervos co-founder Kevin Wang said:

“The wave of high-profile blockchain projects such as Libra and JPM Coin foreshadows a shift in the financial services industry. As more financial institutions and enterprises get on board with blockchain technology, our partnership with CMBI will play an important role in modeling the future of decentralized finance and accelerating mainstream adoption of blockchain technologies.”

Nervos recently partnered with major global digital asset financial service provider Huobi to enable companies to deploy their own blockchains, tokenized assets and DeFi services.

Cointelegraph previously reported that Nervos secured an investment of $28 million from a number of blockchain-related enterprises, including crypto hedge fund Polychain Capital and venture capital firm Sequoia China.